The Loan Bridge to Nowhere

Amanda Carpenter | November 06, 2008 8:05 PM

Crony capitalism at work, Speaker Pelosi meets with Detroit automakers

It's no longer fashionable to call a massive infusion of taxpayer dollars to a flailing industry a "rescue" or even more accurately a "bailout."

The new terminology for the forthcoming travesty is a "bridge loan." (Yeah, I'm real confident they are going to get it paid back, aren't you?)

That's what Speaker Nancy Pelosi discussed with the Big Three automakers today, a package that could be to the tune of $50 billion. The meeting seemingly went well and the industry is looking forward to getting their handout.

I fully expect them to come begging for another hand out next year. And the next. And the next. Oh, but the liberals say they need the government to "incentivize" the car manufactures to become more green. Right. Because they wouldn't produce a car that could get 80 miles a gallon on their own? Like that wouldn't be a huge market boost for them. Trust me, they would love to do that. The government offering bailouts, handouts and cash grants isn't going to make them do it any faster. Besides, they already got $25 billion in credits to help them "retool" their cars to become more environmentally friendly last September.

Even more insulting is the fact that one of the Big Three (Ford, General Motors, Chrysler) isn't even a public company. Chrysler became privately owned after Daimler dumped it.

This whole thing is revolting and it hasn't even started yet.

Go ahead and picture in your mind what that behind closed doors meeting with Pelosi and those Detroit bigwigs might look like. Sitting around that big, oak table plotting the best way to spend YOUR dollars to keep themselves in those plush offices.

It's the picture of crony capitalism.